In this paper we use a multi-region computable general equilibrium model to analyze the impact of the Asian crisis thus far, highlighting the implications of possible future developments in Japan and China. The main conclusion is that depreciation of the yen would tend to have an adverse impact...

In this paper we examine three issues. The first is the path of China's nominal and real exchange rates since 1990. As it turns out, this is more complicated than is commonly assumed, with basic results exhibiting sensitivity to the exchange rate measure used. We conclude that while China did...

The World Bank began this decade talking of Asian miracles. It may enter the next one speaking of Asian depressions. After World Bank Vice President for Asia Jean-Michel Severino used the "d" word in May to describe the course of events in developing Asia, the organization was forced to come up...

The financial crisis that began in Thailand in July 1997 continues to reverberate throughout the global economy. And though it is conventional to begin analyzing the crisis with Thailand, in all likelihood future outcomes will hinge far more critically on developments in Japan and China than in...